Friday 11 January 2019

The Scale up!

The Scale up!
For most recent a half year I have invested impressive measure of Energy in Understanding the Scaling up of a Business, what does it take for business’ proportional up in India in light of the fact that that is the place the biggest cash is made!
It has been hard for most Small Business’ to end up huge in India and the purpose behind this is on the grounds that when you begin making 20-40 Crores per Year rivalry comes in unequivocally and attempts to disturb you every which way.
Out of 100 business who are Nano Caps with 1-5 Crores of Profits (20-50 Crores Market Cap) , 20% of Business achieve the Small Cap Stage of 20-40 Crores of Profits (300-500 Crore Market Cap) if tailwinds are solid however just 5% of those 20% make it to 100 Crores of maintainable Profits.
When a Company achieves the 100 Crore Profit and is the pioneer in the specialty, it turns out to be extremely troublesome for Competitors to beat them as they currently have Distributor organize, great 2/3Rd dimension supervisory group. The Journey from 100-500 Crores is the place the PE Ratio’s regularly get re-evaluated the most, the organization picks up piece of the overall industry from other sloppy Players and a Multibagger is made. Ordinarily Growth moderates after the organization crosses the 500 Cr Profit Benchmark as it’s presently a pioneer as of now and can’t develop more than the Market.
I have separated organizations in 4 Parts clarifying what can get a Scale up or continuation of Growth.
1)Distribution with New Products – West Bridge Capital Understood the round of Distribution extremely well in 2014 by wagering vast on organizations with huge circulation arrange like Kajaria, La Opala, Hatsun and so on. On the off chance that you have 10,000 Distributors you can continue moving new items in a similar dispersion channel for higher Growth.
For Example Havells began with Wires which are commonly sold in electric stores and then ventured into switches, at that point Light globules and then apparatuses like Fans, Heaters. They were pitching new items to a similar dispersion channel and expanding their wallet share in the store. Of late they have purchased over Lloyds AC and have entered the Consumer electric market which is ordinarily sold in Croma’s and Vijay offers of the world. They have the dissemination channel of Lloyds who has 16% piece of the pie in A/C, just second to Voltas with 23% Market share. Understanding the development of Havells, I am totally persuaded that A/C is only the Start, you would before long discover them in completely everything like iceboxes, clothes washer and so on. The Game is dispersion, Companies with long circulation connections are a channel however a Company with Great Distribution with a Brand Name is the most grounded Moat.
Of late in my comprehension of the Tile Industry, I comprehended that Tiles organizations are simply dissemination plan of action and brand name doesn’t work much. For instance Once a Tile is placed in your restroom how might somebody know whether it’s an Unorganized Morbi based Player tile or Kajaria’s tile. Aside from in the Super Premium Category, the business is just about dispersion.
2)Parent Support – The Likes of Bajaj Finance wouldn’t have possessed the capacity to achieve where they are today without the help of Bajaj Auto. Bajaj Finance began with giving advances on bike’s for the Bajaj Auto clients, comprehended the loaning business well and then Scale up into different portions like Consumer and so forth.
Same is the Case with LTTS and LTI who were principally in-house L&T innovation groups, gained information and comprehension of both Engineering R&D Technologies (LTTS) and Application innovation (LTI) from L&T’s in-house capacities and are currently scaling up.
SBI Life is again a comparative situation where the 50-60% of the conveyance of their Insurance occurs because of the stunning branch system of SBI bank. SBI Life is by a long shot the quickest developing Insurance Company in India.
Mahindra Logistics turned out with an IPO of late with 3PL Logistics frameworks yet here again 60% of the Business originates from Carrying the tractors and autos of Mahindra itself. It has obtained the know-how of the business and now giving their administrations to outsider.
Muthoot Capital is again has been capable become quick in 2 wheeler Financing in most recent couple of years to due the branch system of its parent Muthoot Fincorp (3600 Branches).
Parent Support enables business to scale up extremely quick in the Initial days because of a systems administration bolster while amid this stage they contribute significant measure of Money on individuals and innovation which again causes them scale up much quicker.
3)Change in Business Model- There are a ton of plans of action where an occupant player can’t change its model though the New Player can change the manner in which business is done as he has no stuff. Business Industry is a genuine case of this model while Incumbent players couldn’t change the financier rates from 10 to 30 Paise per exchange as they had institutional customers though organizations like Zerodha offered 20 rupees for each Transaction level and got the Retail piece of the overall industry. This year Zerodha made a greater number of benefits than Edelweiss Capital Market Division and that of Motilal Oswal.
The equivalent is the situation with Wealth the board business (Primarily Selling Mutual Funds) where despite the fact that banks had a high ground of customer connections, organizations like IIFL Wealth (2 Billion$ valuation) and Edelweiss were permitted to pick up piece of the overall industry. On the off chance that cash is kept in investment account the bank would need to give its customers only 3-4% Interest on the stores while it could loan at 10% through lodging advances (less hazard) and make a cool 6-7% Spread every year. Presently if Banks end up forceful and begin moving common assets, they would get just 1% as expenses from the Mutual Fund Company however miss out for as little as possible investment account balance. It looks bad for banks to move Mutual assets for 1% Commission however to keep cash in CASA and make a cool 6-7% spread.
The Banks had no choice however to lose piece of the overall industry to Wealth the executives organizations like IIFL riches and edelweiss. Indeed, even Kotak bank who was exceptionally forceful in riches the executives till 2011 beginning giving without end piece of the pie as they comprehended the CASA amusement.
4)Technology obviously, the Primary separation between a pioneer and not an innovator in any plan of action in 2023 will be reception of innovation. PayTM has gained 20 Crores Clients in most recent multi month through Digital methods though ICICI and HDFC both took 30 years to secure 4 crore customers. Innovation stages like Amazon, Google, Uber have just demonstrated the best approach to take care of extensive issues. A business can’t hypothetically scale up without High ROCE or High capital inflows (Cash Investments).
A Large motivation behind why Bandhan has 1 Crore Clients is a direct result of development of tablets and Mobile Internet, they are one of the greatest gainers from Mobile Internet. Miniaturized scale loaning will the one of the greatest recipients of Technology as democratization of credit picks up energy. Bajaj Finance included 40 Lakh Clients in simply last 1 quarter and has 3 crore customers today.
OYO was made in most recent 4 years and has a Market top of 35,000 Crores in view of the Consumer versatile Internet in an Industry like Hotel where no one has ever possessed the capacity to profit.. We Believe innovation is one place where extensive scale up in business can occur in 2019.
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Tuesday 8 January 2019

The true role of an equity investment advisor

The true role of an equity investment advisor
A decent consultant won’t guarantee you the sky. He will enable you to create reasonable assumptions regarding the dangers and prizes of every speculation alternative. Above all, he will enable you to maintain a strategic distance from the regular traps that are the reason for enormous misfortunes for most financial specialists who enter advertises individually.
stock markret is an exceptional place. It has a tremendous potential for long haul riches creation, if the financial specialist centers around only a couple however right speculation openings. Furthermore, in the event that they can figure out how to make interests in even a couple multibagger thoughts, they will be headed to an amazingly affluent life. Presumably that multibagger stocks can be life-changers. Yet, regardless of whether we talk about the normal long haul returns, value beats each other resource class by a substantial edge. Sadly, a great many people still figure out how to lose cash in stocks.
Why?
It is on the grounds that these financial specialists permit transient occasions to influence their choices. They are attracted by present moment gains.They end up dreadful because of momentary unpredictability. They continue guessing with respect to what will occur straightaway. They pick wrong stocks that lead to substantial portfolio level misfortunes and in the end, they begin evading markets. In any case, we can’t accuse the business sectors for misfortunes of such individuals. Individuals commit errors which could have been maintained a strategic distance from effectively had they got themselves the correct direction. What’s more, that is the entire issue of goingin markets without the correct value speculation counselor.
Issues in Investing without the Right Equity Advisor
In India, a great many people put their cash in stocks dependent on tips got from companions, relatives and ‘well-wishers’. Yet, neither these individuals nor their ‘tip-sources’ have much aptitude or time to accurately recognize the essentials behind a stock. Result is that regularly than not, the stocks contributed on premise of tips winds up losing cash for the speculators. At that point there is another issue in business sectors – issue of bounty. There are in excess of 5,000 organizations recorded on Bombay Stock Exchange alone. So it is difficult to locate the great ones worth contributing from such a large number of them. Issue of bounty isn’t confined to the quantity of organizations alone. There is a consistent barrage of news and data. Be that as it may, all data isn’t helpful. Sadly, the speculator who is individually doesn’t realize which snippet of data to consider and which to overlook.
What occurs straightaway?
The financial specialist gets befuddled. Takes wrong choices dependent on wrong stock determination for long haul venture and inevitably, acquires misfortunes.
In any case, that isn’t all. Occupied ways of life leave individuals with less available time. So individuals really don’t have sufficient energy required to do all the diligent work themselves. On-going following, occasional audit of budget summaries, following organization explicit news, and so on.
Job of Investment Advisor
Presently making riches through securities exchanges isn’t just about picking the correct stocks.
It is additionally about choosing the amount to put resources into each stock position (resource designation), realizing when to move and overseeing different dangers constantly. Purchase and-Forget works in principle and not, in actuality. Genuine riches creation happens when you can purchase the correct stocks, book benefits at the perfect time and are additionally ready to expel the underperformers at the ideal time. What’s more, a great stock counselor comprehends this. He will dependably stay over the organizations to comprehend their quarterly outcomes and profit development. It’s not possible for anyone to question the significance of fantastic research when making direct interest in values. So theinvestment inquire about organization or the consultant whose group has involvement in a wide range of business sectors (bear, bull, level) will be in a superior position to enable you to take educated venture choices. A decent counsel won’t guarantee you the sky. He will enable you to create sensible assumptions regarding the dangers and prizes of every speculation alternative. Above all, he will enable you to stay away from the basic entanglements that are the reason for huge misfortunes for most financial specialists who enter showcases all alone:
• Temptation to trust that you can time the market effectively without fail.
• The dread driven inclination to move at a misfortune when stock costs are falling.
• The voracity driven want to purchase when stock costs are going up with no adjustment in essentials.
Be that as it may, oddly in India, individuals don’t appear to perceive the significance of having a genuine guide on their side. They neglect to comprehend that by paying a couple of thousands as expenses to their consultants, they can maintain a strategic distance from misfortunes worth lacs because of their wrong activities. We trust that having an expert and genuine value venture guide on your side can enable you to access profitable bits of knowledge into the elements that influence the economy, securities exchanges and at last the individual stocks in your stock portfolio.
So consider it
Keep in mind that it’s simpler to state things than to do them. We as a whole know the recipe of ending up physically fit – eat healthy, eat less and practice more. Be that as it may, it takes an exercise center teacher to recover our bodies fit as a fiddle. The equivalent goes for putting resources into stocks. So locate your actual speculation guide at the most punctual.
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Monday 7 January 2019

What will happen in 2019?

What will happen in 2019?

The most exceedingly terrible 2 things that we can do in Jan of any year is to make goals and foresee markets. You will break the goals and your expectations will not be right. I have anticipated each year and took care of business commonly. That is more terrible. Basically in light of the fact that it was simply luckiness, not aptitude. So given me a chance to disclose to you what will profit you: 

  • Sparing more will drastically enhance your profits: there is no uncertainty that on the off chance that you spare more and convert that into contributing will enhance your arrival.  

  • Sparing is progressively critical – short security reserves and ultra short bonds giving you about 7% isn't awful in any way. So keeping your cash in these assets won't be too awful all things considered. I don't perceive any reason why this will be not quite the same as 2018. 

  • How you perform in 2019 is a component of seriously you got injured in 2018. On the off chance that you had a great deal of cash paying off debtors complete a STP into an assortment of assets – substantial top, mid top, US reserves, esteem reserves. It scarcely matters particularly on the off chance that you will pull back in 2038. 

  • Try not to tune in to subsidize directors who suggest costly 'arrangements' like assets with 2%+ as charges. There is nothing that you can't do it without anyone else's help. 

  • Managing an account will do well, yet recall you may not profit since offers are completely estimated, so be watchful. 

  • Amc will keep on palming you off by propelling NFO and disclosing to you how it is unique. This is on the grounds that they can't charge excessively in their current huge assets. Comprehend what profits for whom – pursue the cash, you will know why PMS and AIF are being advertised all the more forcefully. 

  • Your benefit designation – of additional in value – will profit – over the long haul. That announcement won't change in 2020, 2035, or 2120.

  • Raise your dimensions to perceive any reason why media talks with a specific goal in mind – again pursue the cash. Media is here to profit for its investors, the watcher is the item. Like they state on the off chance that you are getting something free, YOU are the item. 

  • Reserve directors and media will discuss a multi year see in a troublesome market, yet you should take a multi year see particularly in the event that you are another speculator. 

  • Some new resource – digital currency, land, gold, US $, – something will resemble an extraordinary venture for 2019. Anyway you will know this ONLY in Jan 2020. Everything considered, it will look OBVIOUS, yet it will be not unmistakable today. Try not to give that a chance to baffle you. We will all experience that. 

  • Completing a SWP from value for your costs functioned admirably in 2017, yet it didn't work in 2018. I do believe that 2019 is additionally increasingly like 2018, and it will be a SIP or STP year and not a decent SWP year. 

  • Broadening will help and utilize the obligation finance well. Gather under water and complete a STP ceaselessly particularly if your pay is certifiably not a reliable one – like a specialist, on-screen character, and so on. 

  • Neither the media nor the psephologists realize who will win the 2019 decision. I am certain in 2023 you won't think about 2019. So don't give your stresses a chance to prevent you from contributing. 

  • Market will give you an extraordinary chance to purchase if there is a broken command in the Indian General races – and ensure that you have enough money AND GUTS to put resources into the business sectors.



,,,wait for 2020 for more nonsense like this. In 2020 I will tell you “I told you this will happen” – read the article again, I am fully hedged.

 
 

Saturday 5 January 2019

What are today's stocks that can become multibagger in future?

What are today's stocks that can become multibagger in future?


There are numerous multibagger stocks however I don't know from which Industry you need to know, consequently I will confine myself to 4 - 5 stocks crosswise over different Industries.


Stock 1: Upper Ganges - Sugar Industry

The stock was at Rs. 36.8 on October 1, 2015 and it hit a high of Rs. 508.35 on 29th July 2016, giving an arrival of 1281% of every a traverse of 10 months.

Stock 2: Malu Paper - Paper Industry


The stock was at Rs. 9.8 on 30th March 2016 and starting today (Oct 11, 2016) the stock is at Rs. 35.40, giving an arrival of 261% out of a traverse of 7 months.

Stock 3 - Century Extrusions - Aluminum Industry


This stock was at Rs. 2.15 on second Sep 2016 and starting today (tenth Oct 2016) it is exchanging at Rs. 7.57, giving an arrival of 252% out of 40 days!!!

Stock 4 - Kakatiya Cement - Cement Industry


This stock was at Rs. 100 on seventeenth Feb 2016 and went ahead to hit a high of Rs. 599 by fifteenth May 2016, giving an arrival of 500% of every 90 days !!!

Stock 5 - Electrotherm - Engineering Industry


This stock was at Rs. 32 around Jan fifteenth, 2016 and went ahead to hit a high of Rs. 188.25 a week ago (seven day stretch of Oct seventh 2016), giving an arrival of 488% in just 9 months!!!

Expectation I have given you enough cases on the multibagger stocks in 2016. In excess of 275 stocks have hit 52 wk lows and 52 wk highs in a traverse of 10 months, inside this year (2017). Stunning year of profits for some financial specialists…

Alter 1: Key to progress: Research, research and more research… . I experience money related proclamations, news declarations, segment viewpoint, financier reports, patterns in light of regularity (eg; due to great rainstorm, provincial stocks did well), administrative endorsements and issues ( incase of pharma), govt. mediation (like MIP for steel organizations, capital mixture for banks).

I do this for 5 - 7 stocks day by day and in the event that I discover something intriguing, at that point I watch the stock execution for up to 14 days, at that point go to work computing the characteristic estimation of each stock, contrast it and current value, see the profits conceivable on the off chance that I can contribute.

In the event that the characteristic esteem - current cost is > 30% then I contribute for long haul, in the event that it is under 30% then I exchange those stocks.

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Friday 4 January 2019

What are a few tips for trading the stock market?

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What are a few tips for trading the stock market?

A few Tips for Trading in the Stock Market :

A few people search for trading on tips and some need tips for Trading.

I would not prompt exchanging dependent on tips, but rather tips for improving as a trader  are constantly welcome.

My List Of Tips :

(a) First of all choose about the sort of trading  you need to do. Is it day trading, positional exchanging or simply scalping ? Additionally choose the method of trading whether money fragment or Futures or Options.

(b) Having chosen the initial step , endeavor to find out about that sort of trading. Peruse books or article about day trading/Option Trading and so on. It isn't important to get a Ph.D. degree in this, however broad mindfulness would not hurt.

(c) I trust that if this inquiry is solicited, part from the two stages referenced above have just been taken consideration. You are a functioning merchant seeming to be a superior dealer. The most essential thing for a dealer is— - AVOID THE CLUTTER.

Stay centered.
 


Like Arjuna could only see the sparrow’s eye and ignore the tree and the leaves, you need to figure out how to concentrate on few stocks which you need to trade. Pass out everything else.

Arjuna was the best ever archer for his exceptional focus.

For you to end up the best trader, you need to endeavor to accomplish the equivalent.

Disregard the wilderness that is the market and exchange either NIFTY record or at the most 2– 3 stocks.

Point is to procure benefits and not to wed the stocks.

(d) Be Flexible.

This is most imperative when exchanges turn out badly. It harms our sense of self when we are incorrect. Instead of tolerating and pushing ahead we stall out into avocation mode. This frame of mind causes more misfortune.

One ought to be sufficiently adaptable to acknowledge the adjustment in the market force and escape the exchanges or even turn around the exchanges.

(e) It is a platitude yet it is valid.

Plan the trade and trade the plan.

Arbitrary exchanges lead no place however to arbitrariness. We are in the market with a genuine reason. To take cash. Invest some energy before the market opens for arranging your exchange. Enter the exchange just if the conditions expected while arranging exist continuously.

Something else, no exchange is dependably a decent exchange. You can not lose cash by not exchanging.

(f) Never ever trade without a stop misfortune set up.

It is your assurance against sudden moves which can overwhelm the capital. A sensible stop misfortune dependably secures. It harms however it spares.

Disregard this tip at your own hazard.

(g ) Patience is a prudence which pays huge prizes.

I have addressed inquiries regarding taking 10 benefit in NIFTY Futures and NIFTY Options and numerous individuals are in reality great in these sort of exchanges.

For what reason to discuss others, even I can be great at such exchanges.

(h) Cut your misfortunes and let the benefits run.

Pursue this straight forward tip for genuine enormous additions. Giving the benefit a chance to run is as of now appeared. Cutting the misfortunes rapidly is a touch of agony however. We are not molded for that activity and consequently this ought to be done through a stop misfortune arrange.

Be completely engaged when the business sectors are open. Try not to brood about it throughout the day. Offer time to family and companions. Go out for an agreeable night. Go out on ends of the week.

Have a life.

There is the ideal opportunity for trading and there is the ideal opportunity forever.

I trust that these few hints can be the venturing stones towards better better trading in stock markets.

Thanks for reading.
 

Thursday 3 January 2019

Rupee extends fall; depreciates 13 paise

Rupee extends fall; depreciates 13 paise

On Wednesday, the currency slipped 75 paise to 70.18 against the dollar, its first loss in the past four trading sessions.

The Indian rupee has extended its fall for the second straight trading session on Thursday and depreciated 13 paise to open at 70.30 against the dollar.

On Wednesday, the currency slipped 75 paise to 70.18 against the dollar, its first loss in the past four trading sessions.

The fall is on the back of a strong greenback against its major peers and marginal recovery in global equity markets. Additionally, the gain in global crude oil prices is also putting pressure on the domestic currency.

Brent crude prices rose ~2% on Wednesday amid expectation of tight supply from Saudi Arabia. As per media reports, Saudi’s oil exports in December dropped half a million barrels per day to 7.253mn barrels per day.

Meanwhile, investors will be focusing on Reserve Bank of India's Governor Shaktikanta Das'  meeting with representatives of MSMEs and non-banking financial companies (NBFCs) next week. Read more.

Further, equity benchmark indices opened lower on Thursday amid mixed trends in Asian markets. Realty, FMCG, IT, and PSU Banks were trading higher, while Metal, Media, and Bank Nifty were in the negative zone.


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Wednesday 2 January 2019

Commodity outlook: How to trade in crude oil, gold, silver and base metals today

Commodity outlook: How to trade in crude oil, gold, silver and base metals today


Gold was trading  level in morning trade by virtue of curbed interest for the valuable metal from financial specialists, retailers and gem dealers. Silver was trading  over 0.30 percent down at Rs 38,705 for every 1 kg. 
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We expedite you projections different wares from SMC Global Securities. Investigate:

Spices:  Turmeric prospects (Apr) is relied upon to indicate upside energy taking help close Rs 6,550 dimensions. Costs of turmeric in benchmark Nizamabad market of Telangana are up 7 percent from a year back in Rs 5,500-6,000 for each 100 kg go even as landings of new product have started.

Jeera prospects (Jan) has taken help close Rs 17200 and from here an all-inclusive short covering can be seen towards Rs 17930 dimensions. Jeera prices traded firm at the benchmark markets of Gujarat and Rajasthan bolstered by some crisp purchasing developed at the lower level. The costs went up by Rs 15-20 for each 20 kg in Unjha, while turned better by Rs 100 for each 100 kg in Rajasthan.

Cardamom prospects (Jan) is relied upon to hold the uptrend taking help close Rs 1,500 levels.

Oilseeds: Soybean prospects (Jan) is relied upon to observe a union in the scope of Rs 3,370-3,435 levels. . Soybean exchanged firm at significant spot showcases the nation over on some great purchasing from smashers and great residential and send out interest for soybean feast.

Spot soybean edged up by Rs 25 to Rs 3,200-3,350 for each 100 kg at the benchmark Indore advertise. Plant rates were likewise higher by Rs 15 to Rs 3,475. Soybean entries had dropped altogether in the nation because of moderate ranchers moving at lower rates and they are sitting tight at gratefulness in costs.

Mustard fates (Jan) is relied upon to exchange sideways in the scope of Rs 3900-3950. Mustard seed costs increased further in the spot advertises crosswise over Rajasthan helped by some recovery popular for mustard oil and mustard cake.

Other commodities:  Cotton prospects (Jan) may exchange sideways to down confronting reluctance close Rs 20,945 dimensions. Cotton costs stayed enduring at the significant markets crosswise over focal and south India on Monday because of restricted purchasing and moving movement in spite of firm prospects and lower than anticipated supply.

Movement in the market was thin because of moderate purchasing by plants and exporters. Exporters purchasing in the district are moderate on powerless request from abroad as rates are presently at standard with universal market. Factories request is hand to mouth likewise because of desires for some more redress in the midst of powerless worldwide viewpoint, trailed by stifled request in yarn showcase.

Guar seed fates (Jan) is relied upon to observe short covering towards Rs 4400-4420 taking help close Rs 4225 dimensions, while guar gum prospects (Jan) may stay stable over 8335 dimensions. Guarseed and Guargum cost picked up in real markets crosswise over Rajasthan because of solid signs from unrefined petroleum and diminishing supply.

Gold and silver: Bullion counter may trade with sideways to upside inclination as gold has recaptured its place of refuge bid due to strife in money related markets. Gold can take bolster close Rs 31,200 and can confront opposition close Rs 31,450 in MCX. While silver can take bolster close Rs 38,300 and can confront opposition close Rs 39100.

Base metals: Base metals costs may exchange with frail inclination following stifled worldwide markets.

Copper can confront opposition close Rs 415 and can slip bring down towards Rs 405-400 in MCX.

Chile's copper generation contacted 540,720 tons in November, its largest amount in 13 years, as metal evaluations and effective handling favored expanded yield on the planet's best maker of the red metal, the legislature said on Monday.

Zinc can confront opposition close Rs 175 and bolster close Rs 168. Lead can take bolster close Rs 138 and can confront obstruction close RS 142.

Nickel can take bolster close Rs 730 while its upside will be topped close Rs 750.

Aluminum can take bolster close Rs 125 dimensions while it has opposition close Rs 130 dimensions.

Energy:  Crude oil may trade with firm note as raw petroleum can test Rs 3,280 taking help close Rs 3,150 on MCX. US unrefined petroleum yield hit an unequaled high of more than 11.5 million barrels for every day in October, as indicated by government information discharged on Monday.

Indications of advancement on a conceivable US-China exchange accord, with US President Donald Trump saying he had a "decent call" with Chinese President Xi Jinping, helped support conclusion for oil. For the vast majority of 2018, oil costs were on the ascent, driven up by sound interest and supply concerns, particularly around the effect of restored US sanctions against significant maker Iran, which were presented toward the beginning of November.


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